The comments assume significance in the wake of a China-led slowdown hurting the markets worldwide in the recent days, which has led to calls in India for taking this crisis situation as an 'opportunity' as the global economy may need alternative growth engines.

Asked whether India can replace China as a new growth engine, Rajan said, "India is one-fourth to one-fifth of China's size. Even if we can overtake China in terms of growth rates, the magnitude of the effect will be far smaller for a long time to come."

As per the latest data available with the World Bank, GDP of the US is over USD 17 trillion. This compares with China at over USD 10 trillion and India USD 2 trillion.

After Monday's market crash, Prime Minister Narendra Modi had stressed on the need to further strengthen the Indian economy and said that the present global crisis should be converted into an opportunity for India.

Rajan, on his part, said, "Based on what I have seen so far there is no strong reason to believe that we are on the verge of another crisis... But we have to be vigilant about kinds of those fragilities that have built up in the last few years.”